ADB Urges Private Sector Role Over Development Challenges

By | November 1, 2014

LAHORE: Asian Development Bank (ADB) urged greater private sector participation to overcome development challenges besides to sustain growth.
Lerner Liepach ADB’s head for Pakistan at Lahore Chamber of Commerce and Industry (LCCI) stressed the need for more resources for investment, domestic and foreign direct investment particularly in export-oriented sectors through higher productivity and competitiveness, more diversification of economy and exports.
Briefing about Country Partnership Strategy 2015-2019, he said the strategy would focus on infrastructure development with investments, sector reforms, capacity development, institutional reforms for resource mobilisation, private sector participation and public service delivery.
He said although ADB was extending assistance to fulfil the infrastructure needs of Pakistan but substantial results could be achieved if other investors from private sector could co-finance the big infrastructure projects with ADB.
LCCI President Ijaz Mumtaz said it was a good omen ADB was ready to launch CPS 2015-2019.
Recently expired CPS was rated less than successful but by way of plugging the gaps, the rating can be improved, Mumtaz added. He suggested periodical evaluation of projects should be done in order to minimise the chances of failures.
There should be some performance review committees comprising members from public and private sectors who might further assist in timely implementation of policy matters.
He said priority areas for ADB assistance were of greatest importance for Pakistan’s survival as well as for its future. He said ongoing investment and reforms in energy and infrastructure have started showing some positive results but still there was a lot be done.
Present scenario demands multi-pronged approach, therefore, we have to focus at one hand on modernising agriculture sector and on the other hand on bringing improvement in areas like transportation and urban development.
He said macroeconomic stability, political harmony, good governance, productive human resource and robust infrastructure etc could lay a solid foundation to tread towards attaining economic stability and becoming a better nation in the region.
It is high time to fully exploit the untapped potential of being strategically located between Central and South Asia.
ADB Chief Economist Sharad Bhandari, Director Najma Minhas, former LCCI presidents Mian Muzaffar Ali, Zafar Iqbal Chaudhry and former vice President Sikandar Khan were also present.